Shell Looking To Sell Another Brazilian Block

Royal Dutch Shell, Europe's largest oil company, is looking to sell its second oil exploration block in two months as the Anglo-Dutch oil giant looks to focus on projects in Brazil's Parque das Conchas region. The block Shell is looking to sell is in Brazil's Santos Basin.

Shell (RDS-A) is looking to divest stakes in Brazilian blocks that currently have no oil output to focus on Parque das Conchas in the Campos Basin, which produced 90,000 barrels oil equivalent per day in June, Bloomberg News reported.

Shell has already sold a 30% stake in the BS-4 block for an undisclosed amount and that is the block the company is looking to further divest. Petrobras (PBR), Brazil's state-run oil giant, and Chevron (CVX), the second-largest U.S. oil company, are Shell's partners on the block.

Earlier this year, Dow component Chevron said it would consider selling its stake in the block if it received a reasonable offer.

Separately, Petrobras said today that its July domestic oil production fell 3.8% to an average of 1.97 million barrels a day as platform maintenance and shutdowns hampered production.